LISTED Century Pacific Food, Inc. (CNPF) generated a 12% jump in its net profit for the second quarter to P1.9 billion from P1.7 billion in 2023, led by the exports segment.
The company increased its April-to- June revenue by 10% to P19.59 billion from P17.79 billion last year, CNPF said in a regulatory filing on Wednesday.
For the first half, CNPF recorded a 14% climb in its first-half attributable net income to P3.63 billion from P3.2 billion in 2023, led by “favorable trends in commodity costs.”
January-to-June consolidated revenue rose by 13% to P37.74 billion from P33.41 billion last year due to the recovery of its original equipment manufacturer (OEM) exports.
The bulk of CNPF’s revenues came from the branded business, composed of marine, meat, and milk & other segments, catering predominantly to the domestic market. The OEM exports segment, including tuna and coconut exports, accounted for about a fifth of its business.
OEM export sales rose by 36% versus the second quarter of last year, bringing the segment’s six-month growth rate to 42% year on year. Coming from a soft 2023, the segment rebounded in the first half on the back of improving commodity costs and favorable foreign exchange market conditions.
“Following a high base, the branded segment delivered a 5% growth rate during the three-month period amid a strained consumer environment, laddering up to a 7% year-on-year increase in first-half sales versus the same period last year,” CNPF said.
Meanwhile, CNPF reiterated its outlook of aiming for a low double-digit growth for both its top line and bottom line for 2024.
On Wednesday, CNPF shares rose by 1.96% or 65 centavos to P33.75 per share. — Revin Mikhael D. Ochave
